aramit limited

Company Profile -2

Board of Directors -3
Notice of the
4 0 th Annual General Meeting -4

Directors' Report 6 to16

Value Added Statement -17

Cost of Production -18

Management Ratios - 18

Auditors' Report -19

Statement of Financial Position - 20

Statement of Comprehensive Income 21

Statement of Cash Flow 22

Reconciliation of cash flow

from operating activities 23

Statement of Changes in Equity 23

Notes to the
Financial Statements 24 tO 42

Proxy Form 43 & 44

-'s


('01,/[
—
_ p r,^, f
_
I
y ppor,, ff I r
__^ _[
F,,

Year of Establishment - 1963

Technical Collaboration Agreement
with Team S. A. Luxembourg - 1963

Awarded I Oth International Golden 00 1" 0 1

America Award for Quality - 1998

53 Kalurghat Heavy Industrial Estate, National Credit and Commerce Bank Limited Sadhoran Bima Corporation
PO Mohara, Chittagong - 4208, Bangladesh. Khatungonj Branch, Chittagong. 1 3 Sk. Mujib Road, Patkontooli, Chittagong.

Tel (88 031) 2570986, 670473, 671950, 670368 State Bank of India Karnaphuli Insurance Company Ltd.
Fax (88 031) 671583 E-mail altd@aramitgroup.com Chittagong Branch, Ckiftagong. 88/89 Agrabod C/A, Chittagong.

Web Site: www,aramitgroup.com Bangladesh General Insurance Co. Ltd.

Sonali Bank Limited
Kalurghat industrial Area Branch, Chiffagong. 11, Boxirhat, Khatungoni, Ckiflagong.

Asia Insurance Ltd.

Red Crescent Concord Tower, I 5th Floor, Unit # B Standard Bank Limited
56/56 Bitligoni, Kholungoni, Ckittagong.
Kkatungoni Branch, Chittagong,
1 7 mohakholi C/A, Dhaka- 1 212, Bangladesh.
Agrani Insurance Co. Ltd.
Tel : 9881095, 9887176, Fax : 880-02-8851551 Commercial Bank of Ceylon Limited
Kkatungoni Branch, Chittagong.
E-mail : cital.dhaka@Xinail.com 71 Agrabod C/A, Chittagong.
RepubIic Insurance Co. Ltd.
Jamuna Bank Limited Agrabod Branch, Chittagong,
76-77, Agrabod C/A, Chittagong.
Dhaka 1 93 Teigoon Industrial Area, Dhaka.
Rupoli Bank Limited
Tel : 8829378
Rupoli Sadan Branch, Loldighi East, Chittagong.
KhuIna 31 KDA Avenue, KInulno. Tel : 724636
Bogra Chalkiadu Road, Baclurtala, Bogra. Janata Bank Limited

Tel : 63431 Corporate Branch, Agrabod, Chittagong.

Barisal Hatkhola, Barisal. Tel : 2173347

Mymensingh 9 Bara Bazar, Mymensingh. Tel : 54314
"0.-0

Mr. Saifuzzaman Chowchury - Chairman & Managing Director (31.1 2.2010)

Mr. Alfaz Uddin Ahmed - Director

Number of Number of
Mr. Sayeed Ahmed Khan - Director
Shareholders Shares Taka
Ms. Dina Ahscm - Director
Mr. Md. Iftikhar-uz-zoman - Director Sponsors 4 3,931,150 39,311,500
Mr. S. M. Jamal Ahmed - Director
Institutions & Public 2,083 2,068,850 20,688,500
Ms. Rukhmila Zoman - Director ------------

Mr. S. M. Rezaur Rokman - Director 2,087 6,000,000 60,000,000

— ---------------------- — -----
Mr. Abul Ahsan Chowc1hury - Independent Director

Mr. Md. Ibrahim Khalil, FCMA, FCS Ei

Mr. Faricluddin Ahmed, FCMA I Authorised Capital


Tk 100 Million

2 Paid-up Capital Tk 60 Million

3 Reserves & Surplus Tk 338 Million
Mr. Reza Humayun Morshed Hayat, ACA, ACMA
4 Net Worth per Share Tk 74.61
5 Quoted Price per Share-

MD Mr. Md. Iftikhar-uz-zaman - Chairm(- DSE - 30.12.2010 Tk 486.90
(Mem6er of Board of Directo-,

'_
4) CSE - 29.12.2010 Tk 490.00
00 ^ Mr. Sayeed Ahmed Khan - Men^L_;
. DSE - 31.05.2011 Tk 371.80
(Mem6er of Board of Directors)
CSE - 31.05.2011 Tk 378.40
Aloull Ahsan Chowc1hury - Member
(Inclelpendent Director)
low
0;
M/s Hoda Vasi Chowchury & Co.- Chartered Accountants Executive 32 Staff 51 Worker 54 Total 1 37
a 104 Delwar Bhaban (4th floor) Agrabad C/A, Chittagong.
16
a

Director
Mr. Alfaz Uddin Ahmed
General Manager
(Administration)
Sadharon Bima Corporation
Dhaka.
Director
Ms. Dina Ahsan
General Manager
(Administration)
Investment Corporation of Bangladesh
Dhaka.
Director
Mr. S. M. Jamal Ahmed
Jiban Bima Bhoban (3rd Floor) *0A
56 Agrabad C/A, Chittagong.
Director
Ms. Rukhmila Zaman
Rashid Building, 160 Strand Road
Chittagong.
Executive Director &
Company Secretary
Md. Ibrahim Khalil, FCMA, FCS
Chairman & Managing Director
Mr. Saifuzzaman Chowdhury
Chairman & Managing Director
Aramit Limited
Chittagong.
Director
rl Mr. Sayeed Ahmed Khan
General Manager
(Administration)
Sadharan Bima Corporation
Dhaka.
Director
Mr. Md. Iftikhar-uz-zaman
General Manager
"A Investment Corporation of Bangladesh
Dhaka.
Director
Mr. S. M. Rezaur Rahman
Managing Director
Sofsys Computing & Data Processing Ltd.
6 Motiiheel C/A, Dhaka.
independent Director men
Mr. Abul Ahsan Chowdhury
81 Shahid Sailuddin Khaled Road
Chittagong.
3
R
 NOTICE OF THE 40TH ANNUAL GENERAL MEETING

Notice is hereby given that the 40th Annual General Meeting of the Shareholders of Aramit
Limited will be held on Saturday, 25th June 201 1 at 1 2:00 noon at "The Peninsula
Chittagong", Chittagong to transact the following business :

AGENDA

1 To confirm the minutes of 39th Annual General Meeting held on 26tk June 201 0.

2 To receive, consider and adopt the Audited Financial Statements as at 31 st December 201 0
together with the reports of the Auditors and the Directors thereon.

3 To declare Dividend for the year 201 0.

4 To elect Directors.

5 To appoint Auditors for the year 201 1 and to fix their remuneration.

6 To transact any other business with the permission of the Chair.

By Order of the Board

Chittagong
LC^6^
(Md. Ibrahim Khalil, FCMA, FCS)
11th May 2011 Executive Director &
Company Secretary

W—
NOTES
I The Record Date shall be on 16th May, 201 1. The Shareholders whose names will appear In the Share
Register of the Company or in the Depository Register on that date will be entitled to attend the Annual
General Meeting and to receive the dividend.

2 A Member entitled to attend and vote at the Annual General Meeting may appoint a proxy to attend and
vote in his/her stead. The proxy form, duly stamped, must be deposited at the Registered Office of the
Company not later than 48 hours before the time fixed for the meeting.
Ma
4) 3 Members are requested to notify change of address, if any, to the Company.
do
6111111111 4 In pursuance of SEC's Notification No.SEC/SRMI/2000-953/1950 dated 24th October, 2000 gazetted on
07th November 2000, the Company shall hold discussions in Annual General Meeting strictly in conformity
with the provisions of Section 18 of the Companies Act, 1 994 and no benefit in cash or kind, other than in
the form of cash dividend or stock dividend, shall be paid to the holders of equity securities.
i
5 For the sake of convenience, shareholders are requested to subm t tkeir queries on the Directors' Report and
the Audited Financial Statements for the year 2010, if any, It the Registered Office of the Company
preferably 3 days before the day of the Annual General Meeting.

6 Admission to the Meeting Hall will be strictly on production of attendance slip sent with the Annual Report.

4
 7TF^ r9
Y;
In

f 0

J ,4.

3 9TH ANNUAi GENERAL MEETING 26th June 201 0

ail

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#0 mo. F

I.A 61
67

147
AL
 DIRECTORS' REPORT for the year ended 31 December 201 0

BISMILLAHIR RAHMANIR RAHIM

DEAR SHAREHOLDERS
It gives me immense pleasure to welcome you all on behalf of the Board of Directors to the 40th Annual General
Meeting of the Company. Now I would formally present before you the Directors' Report, Audited Financial
Statements prepared in accordance with BAS and Auditors report thereon for the year ended 31 December 201 0 for
your kind consideration and approval.

PERFORMANCE
By the grace of almighty Allah and with proper guidance and supervision of the Board of Directors, support of the
Shareholders and also with the untiring efforts of employees of all levels, the Company passed a very challenging
year. Ma'J or crises in the supply of a key raw material asbestos fibre, through out the globe compelled the company
to suspend production for over 2 months during the year. Consequently production volume decreased by 1 2.1 1
and sale has decreased by 19.37% during the year 201 0 as compared to previous year.

The position of production, sales and profit during the year as compared with those in the previous year is shown in
the table below:
COMPARATIVE STATEMENT OF PRODUCTION, SALES AND PROFIT

7 Productio7
n
Sales
Net sales
i
Net profit before income tax
Net profit after income tax
Capital employed
M2N
M2N

Taka
Taka
Taka
Taka
2,770,019
2,634,568
398,777,418
76,886,561
58,031,369
493,276,228
3,105,566
3,1,44,970
457,099,529
109,449,229
82,788,281
409,138,433
(12.11)
(19.37)
(14.63)
(42.35)
(42.66)
17.06

It reveals from the above

table that both net profit 3500 4" J,
before tax and the net "I
3000 4^7
profit after tax has
z 2500
decreased by 42.35% and
2000
42.66% respectively 0 1500
during 2010 compared to 0—
1000
2009.
500
W
0

2006 2007 2008 2009 2010

BUDGET ACTUAL
PRODUCT WISE SALES U,
The sales quantity in the
year 201 0 is 19.37 % V)

lower than the year 2009 ,Z(

Ln
and sales value in the U,
Large Section Corr. Sheets 108,008 25,477,720 117,482 26,673,165
year 2010 is 14.63%
Light Weight Corr. Sheets 2,342,269 337,753,955 2,775,524 385,699,472
lower than the yea r
2009.The following table Flat Sheets 38,021 5,235,856 34,671 4,649,310
demonstrates product- Mouldings 103,086 18,453,093 152,772 25,764,390
wise comparative sales in
Pipes 43,184 9,250,756 64,521 12,106,318
16 quantity and value :
Resole Products 2,606,038 2,206,874
a
Total 2,634,568 398,777,418 3,144,970 457,099,529
ON


PRODUCTION
In order to meet required demand for Aramit Products the Company produced 2,770,019 meter square normal (M 2 N) in
2010 as against 3,105,566 meter square normal (M 2 N) in 2009. The Company maintained higher stock level at the end
of 2010 to meet the high demand in peak season 2011, in line with the inventory policy of the Company.

PROGRESS OF EXPANSION UNIT

The second unit was under
trial production since 2nd
November 2009 to 28th
February 2010. The Board
of Directors declared
commercial production of
this unit with effect from I st
March 2010 and since
then its production is
running smoothly. Total
production capacity of unit
.2 is 30 Lac M2N per year.
Initially it has been planned IBUDGET ACTUAL
to produce 15 Jac M2N for I
the first year on 12 hour FINANCIAL RESULTS
single shift basis. The
production capacity of this
unit will increase gradually
upto 30 Jac M2N per year
Profit before Income Tax 76,886,561 109,449,229
by creating potential
market of products, after
Provision for income tax
which total production
Current 1--(15,700,66-6f (26,400,000)
capacity of the 2 units will
be 60 lac M2N per year. Deferred (3,155,1 92) (260,948)

(18,855,192) (26,660,948)
FINANCIAL RESULTS
Profit after income tax 58,031,369 82,788,281
The financial results of the
Company reveal the Profit brought forward 13,113,951 11,325,670

following: Profit available for appropriation Ta ka 71,145,320 94,113,951
Appropriations:
DIVIDEND ---------- -------
Dividend recommended
The Board of Directors of
Stock Dividend (2009: 50% i.e. Tk 5.00 per share) 20,000,000
the Company was
Cash Dividend (40 % i.e. Tk 4.00 per share) 24,000,000 6,000,000
pleased to recommend
(2009: 15% i.e. Tk 1.50 per share)
cash dividend of 40% i.e.
Transferred to general reserve
40,000,000 45,000,000
Tk 4.00 per share of
Transferred to dividend equalization fund 10,000,000
Tk 10.00 each. This will
64,000,000 81,000,000
involve a payout of
Tk 24.00 million. The Un-appropriated profit carried forward 7,145,320 13,113,951
resultant dividend payout Taka 71,145,320 94,113,951
ratio is 41.36%.
The dividend performance of the Company has been shown in the following table :

Rate of dividend 65% 50% 45% 37% 37% 35% 33% 33% 32% 30%

Besides, an amount of Tk 40.00 million has been transferred to General Reserve. 16

a

CURRENT YEARS ACTIVITIES

Sourcing of asbestos fibre continues to be a very big challenge for the company due to problems being faced by the
mining companies in various countries. Efforts are being made to line up new sources. Nevertheless , it will take some
more time to restore a robust supply line.
CORPORATE GOVERNANCE
In recent times, the Issue of Corporate Governance practice has assumed paramount importance as it paves the way for
efficient management of a company through making it accountable and transparent to the shareholders and the nation as
well. In view of this, the Securities and Exchange Commission has Issued a number of guidelines that are required to be
disclosed to the shareholders and accordingly the status report of such conditions have been summarized in the
Annexure-1 in compliance of the SEC Notification No. SEC/CMRRCD/2006-158/Admin/02-08 dated 20 February 2006.
CONTRIBUTION TO THE NATIONAL EXCHEQUER
It is indeed a great pleasure to Inform you that the Company has contributed to the National Exchequer an amount of Tk
130.76 million (which is Tk 1.36 million higher than last year) in the form of VAT, Income Tax and Customs Duty during
the year. The break-up of these payments are as follows :
CONTRIBUTION TO THE NATIONAL EXCHEQUER

Value added tax 64,595,720 73,285,684 71,131,943 62,248,134 50,252,580

Income tax 26,605,644 24,230,434 19,599,309 19,131,285 19,448,103

Customs duty 39,553,838 31,880,511 26,636,529 24,048,231 19,125,903

Total 130,755,202 129,396,629 117,367,781 105,427,650 88,826,586

ROTATION OF DIRECTORS
As per the articles 101, 102 and 1200

103 of the Articles of Association of 2

1000

the Company, one third of the

Directors retire by rotation and 800

being eligible, offer themselves for

600
re-election. Those Directors are:
400

1. Mr. Alfaz Uddin Ahmed

2. Mr. Md. 141khar-uz-zaman 2111
c:i

3. Ms. Rukmila Zaman P

n

APPOINTMENT OF AUDITOR ^g

The existing auditor of the Company

BUDGET ACTUALOP'Na'
M/s Hoda Vasi Chowdhury & CO,
Chartered Accountants will retire at this meeting. They have submitted a written request for re-appointment as auditor of
the Company for the year 201 1 as per provision of Section 21 0(1) of the Companies Act, 1994. In the meantime they
have completed more than 3 years auditing activities of the Company till 31 December 2010. They are eligible for
re-appointment as auditor for 201 1 subject to SEC's consent. If any other proposal of Chartered Accountants firms are
received within the stipulated time, the same will be placed in the 40tk Annual General Meeting. The honorable
shareholders will decide for appointment of auditor for 201 1 in the AGM.

8^

5000
elm
4000

3000

2000
Turnover

Gross profit 1000 71 "019
16
Profit before tax 0
2006 2007 2003 2009 2010

Profit after tax

8
 3500 3376M
3036.02

3000 2568,14

2500 2109.43
1775.31
2000

1500

1000 U

500 .......
400 400 400 400 600
0
2006 2007 2008 2009 2010

Reserves & Surplus Paid-up-Capital

WELFARE ACTIVITIES EXTENDED TO EMPLOYEES
I . The management arranges picnic for officers , sta ff
and workers of the Company 'in every year.
Cultural program and other social activities are
held In the picnic spot.
2. One person among the officers, staff and workers A
of the group is selected by the management
through lottery and allowed to perform holy Ha ll at
company's cost every year.
CORPORATE SOCIAL RESPONSIBILITIES
I . On behalf of the company, worm clothing and
blankets were distributed during winter among the MIR!
Monga affected people of Ranqpur and to the people living In the slums of Chittagong. In the last rainy season,rellef
was also distributed to the flood effected people of various parts of the country.
2. The Company provided umbrellas to the Traffic personnel of Chittagong Metropolitan Police. Besides, the company
distributed stickers and leaflets containing emergency telephone numbers of Police department, in order to create mass
awareness among the people of Chittagong Metropolitan area.
3. Every year, blood donation program is organized by the company in association with Sandhani, a voluntary
organization. Under the program, roughly 100 bags of blood were donated by the employees of the company.
FUTURE THRUST
In line with the previous commitment to the shareholders, the Board of Directors would like to apprise the honorable
shareholders that Aramit Limited has made equity investment to the tune of Tk. 20.69 million being 45% of the paid up
Capital as sponsor shareholder in Aramit Alu Composite Panels Limited. The Board is pleased to inform you that the
operations of the Alu Composite Panels is expected to start in July 2011.
Besides, all out efforts are being made to modernize the production process and management system of the Company
gradually. As a result of these efforts and by the grace of almighty Allah, the Company is expected to achieve a better
financial position in the future.
ENVIRONMENTAL ROLE
You all are aware that throughout the globe there is now increased focus on environment, Accordingly, the Company has
adopted strategies for ensuring environment friendly atmosphere through giving it due care and attention for the
protection of environment by developing green belt around the factory. 0i
CONCLUSION
The members of the Board of Directors would like to take this opportunity to express heartfelt thanks to all stakeholders
like Employees, Customers, Banks, Insurance Companies, Government Authority, Auditors, SEC, DSE, CSE, utility ON
providers and finally the Shareholders for their immense support and contribution towards the success of the Company.
Allah Hafez. Un behalf Or the board
16

V
Chittagong (Saifuzz6n2:Chowd1hury)
30 April 2011 Chairman 9
 ANNEXURE- I
The Directors also report that :
The financial statements of the Company present a true and fair view of the company s state of affairs, result of its
operations, cask flows and changes in equity.
Proper books of accounts as required by law have been maintained.
Appropriate accounting policies have been followed in formulating the financial statements and accounting estimates
were reasonable and prudent.
The financial statements were prepared in accordance with International Accounting Standards (IAS) adopted as
Bangladesh Accounting Standard (BAS) applicable in Bangladesh.
The Internal Control System is sound in design and effectively implemented and monitored.
There are no significant doubts upon the company s ability to continue as a going concern.
There is no significant deviation from the operating result of last year.
The number of board meetings and the attendance of directors during the year 2010 were as follows: 0

0-
The pattern of shareholding is provided in Annexure- 11.
Securities and Exchange Commissions compliance report is enclosed herewith as Annexure- 111.
Key operating and financial data of last five years have been presented in summarized form in Annexure- IV.

V-

16
a

ffel


ANNEXURE- 11
Pattern of shareholding as on 31 December 201 0

W Parent/ Subsidiary/ Associated companies The company is not subsidiary

and other related parties of any company

(i i) Directors, Chief Executive Officer, Company Secretary,

Chief Financial Officer, Head of Internal Audit
and their spouse and minor children:
.
Directors :

Mr. Md. ftikkar-uz-zaman Nominated by

Mr. Kafil uddin Ahmed Chowchury 787,375 13.12% Investment Corporation of Bangladesh

Mr. Md. Rezaul Karim Nominated by

1,425,909 23.77%
Mr. Alfaz Uddin Ahmed Sadharan Bima Corporation

Mr. Saifuzzaman Chowc1hury Nominated by

1,198,083 19.97%
Mr. S. M. Jamal Ahmed M/s Javed Steel Mills Ltd.

Mr. S. M. Rezour Rahman Nominated by

898,083 14.97%
Ms. Rukhmila Zaman M/s Asif Steels Ltd.

Chief Executive Officer and his spouse & minor children

Mr. Sailuzzaman Chowdhury 107,625 1.79%

Company Secretary and his spouse & minor children:

Chief Financial Officer and his spouse & minor children:

Head of internal Audit and Spouse & minor children:

(iii) Executives (Top five salaried persons other than

CEO^ CFO, CS, HIA)
1.Mr. Bisweswar Gupta, General Manager (Commercial)
2.Mi. Md. Showkat Uddin, General Manager (Operation)

3. Mr. A. K. M. Rezoul Karim

Deputy General Manager (Operation)
4. Mr. Md. Khaled, Manager (Accounts)
5. Mr. M. A. Wazed, Dy. Manager (Cash)

(iv) Sha re holding ten percent (10%) or more

voting interest in the company

(v) Local Institution/ General Public 1 1 582,925 26.38%

Total 6,000,000 100%

16
 ANNEXURE- III
Status of compliance with the conditions imposed
by the Securities and Exchange Commission's notification
No. SEC/CMRRCD/2006-158/Admin/02-08 dated 20th February 2006

R ------------- - ---------

P,
11 Board's size: Board members should not be
less than 5 (five) and more than 20 (twenty) Complied

1.2(i) independent directors: At least 1 /1 Oth Complied i

1.2(ii) Appointment of independent directors by the elected directors Complied
1.3 Individual Chairman of the Board, Chief Executive, clearly

defined roles and responsibilities Complied
1 .4 The Directors' report to shareholders on:

1.4(a) Fairness of financial statement Complied :i

1.4(b) Maintenance of proper books of accounts Complied

1.4(c) Adoption of appropriate accounting policies and estimates Complied

1.4(d) Compliance with International Accounting Standards (IAS) Complied

1.4(e) Soundness of internal control system Complied

1.4(f) Ability to continue as a going concern Complied

1.4(g) Significant deviations from last year Complied

1. 4 (h) Key operating and financial data Complied

1.4(i) Dividend declaration Complied i Recommended by the board

1.4(i) Details of board meeting Complied

1.4(k) Pattern of shareholding Complied

2.1 Appointment of CFO, Head of Internal Audit & Company Secretary
and defining their respective roles, responsibilities and duties Complied

2.2 Attendance of Company Secretary, CFO at Board of Directors Meetings Complied

3.00 Audit Committee Complied

3.1 (i) No. of members of audit committee Complied

3.1 (ii) Constitution of committee with board members including one
independent director Complied

3.1 (iii) Filling of casual vacancy in committee Not applicable

3.2(i) Chairman of the committee Complied

3.2(ii) Professional qualification and experience of the Chairman
of the committee Complied
3.3.1 (i) Reporting to the board of directors Complied
of
3.3.1 (ii)(a) Reporting conflicts of interest to the board of directors None as such
of
3.3.1 (ii)(b) Reporting any fraud or irregularity to the board of directors None as such
of
3.3.1 (ii)(c) Reporting violation of low to the board of directors None as such
3.3.1 (ii)(d) Reporting any other matter to the board of directors Complied
3.3.2 Reporting of qualified point to commission None as such
3.4 Reporting of activities to the shareholders and general investors Complied
4.00 External /Statutory Auditors Complied
4,00(i) Non-engagement in appraisal or valuation Complied
4.00(ii) Non-engagement in designing of financial information system Complied
.4.00(iii) Non-engagement in book-keeping Complied
4.00(iv) Non-engagement in broker-dealer services Complied
am
4.00(v) Non-engagement in actuarial services Complied
4.00(vi) Non-engagement in internal audit Complied

4.00(vii) Non-engagement in any other service Complied

12
 ANNEXURE— IV

'
Key operating and financial data of last five years have been presented below in summarized form :

Turnover 398,777,418 457,099,529 432,740,642 388,117,792 314,987,729

cost of goods sold 313,108,626 334,094,934 318,045,500 288,242,853 231,767,357
Gross profit 85,668,792 123,004,595 114,695,142 99,874,939 83,220,372
Operating expenses 45,883,757 40,460,835 38,337,313 31,470,603 30,541,412
Financial cost 182,794 58,013 61,521 52,636 33,859
Operating income 35,766,773 28,027,732 22,100,005 13,553,104 10,298,495
Other income —

Net profit before WPPF 75,369,013 110,513,479 98,396,313 81,904,804 62,943,596

now—, 1
Contribution to WPPF 3,768,451 5,525,674 4,919,816 4,095,240 3,147,180
Net profit before income tax 76,886,560 109,449,229 94,740,760 77,871,030 59,796,416
Provision for income tax 15,700,000 26,400,000 24,000,000 21,600,000 16,700,000
Provision for deferred tax exp./(income) 3,155,192 260,948 (130,223) (140,870) 97,018 -
Provision for dividend distribution tax —

Write back of excess provision for dividend distri6ution tax —

Net profit after income tax 58,031,369 82,788,281 70,870,983 56,411,900 42,999,398
Total assets 748,253,886 694,843,646 622,185,388 415,853,484 309,896,125
Total fixed assets 122,804,177 124,056,385 21,336,773 19,061,135 20,004,195
Total investments 86,437,700 77,354,900 69,854,900 69,854,900 69,854,900
Total current assets 539,012,009 ,493,432,361 530,993,715 326,937,449 220,037,030
Total current liability 278,977,658 285,705,213 270,703,774 116,222,326 50,865,572
Current ratio 1.93 : 1.00 1.73 : 1.00 1.96:1.00 2,28:1.00 4.33:1.00
Total long term liabilities 447,633,348 393,601,979 336,813,698 285,942,715 247,530,815
Earning per share (Basic) (EPS) 9.67 20.70 17.72 14.10 10.75
Dividend per share (DPS) 4.00 6.50 5.00 4.50 3.70
Market price [DSE) year end 486.90 443.60 278.00 99.70 61.00
Price earning ratio (PER) year end - Basic 50.50 21.49 15.83 7.09 5.67

11111 11111

.. ..... .... .

13
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16
a

16
 VALUE ADDED STATEMENT for the year ended 31 December 201 0

Taka in Lac

2010 2009
Descripition

Source of funds
-
Net Turnover 3,987.77 4,571.00

Less : Brought in materials and services 2,594.66] 2,997.88

Value added 1,393.11 1,573.12

----------- ----
Add: Investment income 52.43

Other income 356.27 324.31

^j
408.70 i 3^4
- 31
Taka 1,801.81 1,897.43
Applied in the following ways

Employees'

Salary, wages, gratuity and other benefits 471 4-W.06

we Contribution to Workes Profit Participation & Welfare Fund 3 55.26
508.86 459.32

Government 7:
Corporate taxes 188.55 266.61--
Customs duty -------- 3 9 5.
5' ^ 318v8l

Contribution to the national exchequer 584.09 585.42

Provider of capital

Dividend 240.00
--- - ------
L 260 00_
1,332.95 1,304.74
Retained by the Company

Pay for capital expenditure to replace

existing assets, to expand working

capital and for growth

Depreciation 24.81
.
Reserves 400.00 550.00
Retain earnings (59.69) ---717.88--
L
468.86 592.69
Taka 1,801.81 1,897-43
0

A Salaries, wages, gratui^ and otker benefits

A Contribution to workers' profit participation & welfare fund

11^^ 04
A Af Contribution to ^e national ex6equer
i5.26
0.
0
Dividend
E
A A Depreciation, reserves & retain earnings

w l-

2010 2009

17


ELEMENTS OF TOTAL COST OF PRODUCTION

2010 2009
Taka in ----------
- - --11- Lac Taka in Lac %

I
1 mported raw materials 1,562.34
,501.48 ,47.8,4 45.26

Local raw materials 1,151.08 35.25 1 f 452.99 43.80

Indirect materials 88.64 2.71 80.24 2.42

Depreciation 118.96 3.6.4 15.84 0.48

Salaries & allowances 150.29 4.60 140.95 4.24

Others 194.73 5.96 126.04 3.80
----------

3,266.05 100.00 3,317.54 100.00

11^0

sm

47.84

Depieoa::o,^
35.25
e & al^cw(lnces

J*A-- 01hers

MANAGEMENT RATIOS 2010

2010 2009
A Liquidity & Solvency Ratios

I Current ratio 1.93:01 1.73:01

2 Acid test ratio 1.44:01 1.38:01

B Operating Ratios

I Cost of goods sold to turnover 78.52 73.09 Do

2 Operating expenses to turnover 11.51 8.85

C Profitability Ratios

1 Gross profit to turnover 21.,48 26.91

2 Net profit before income tax to turnover 19.28 23.94

3 Net profit after income tax to turnover 14.55 18.11

4 Net profit after 'income tax to capital employed 12.37 20.23

5 Earning per share (Basic) taka 9.67 20.70

6 Dividend per share taka 4.00 6.50

7 Dividend payout ratio 41.36 7.25

8 Price earning ratio times 50.50 21.49

D Activity Ratios
dE
I Inventory turnover ratio times 11.12 14.80
0;
2 Inventory holding period days 32.91 24.74

3 Debtors turnover ratio times 307.88 226.71
a
16 4 Debt collection period days 1.19 1.61
a
5 Net worth per share to ka 74.61 98.40
18
 CkTlff WMI JC01-41 4 -^F C;I^T:

HODA VASI CHOWDHURY & CO

CHARTERED ACCOUNTANTS

AUDITORS'REPORT TO THE SHAREHOLDERS

of Aramit Limited

We have audited the accompanying financial statements of Aramit Limited, which comprises the Statement of Financial Position

as at 31 December 201 0 and the related Comprehensive Statement of Income and Statement of cash flow for the year then

ended, and a summary of significant accounting policies and other explanatory notes.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with Bangladesh

Financial Reporting Standards (BFRS), the Companies Act 1 994, the Securities and Exchanges Rules 1987 and other applicable

laws and regulations. This responsibility includes: designing. implementing, and maintaining internal control relevant to the

preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error;

selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the

circumstances.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in

accordance with Bangladesh Standards on Auditing (BSA). Those standards require that we comply with ethical requirements and

plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement,

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.

The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the

financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control

relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal

control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting

estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion :

In our opinion, the Financial Statements, prepared in accordance with Bangladesh Financial Reporting Standards (BFRS), give a
true and fair view of the state of the Company's affairs as at 31 December 201 0 and of the results of it's operations and it's cash

flow for the year then ended and comply with the Companies Act 1 994, the Securities and Exchanges Rules 1987 and other

applicable laws and regulations.

Further to our opinion in the above paragraph, we state that :

(a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for

the purpose of our audit and made due verification tkereof l-

(b) in our opinion, proper books of account as required by low have been kept by Aramit Limited so far as it appeared from
our examination of those books,-

(c) the Company's Statement of Financial Position, Statement of Comprehensive Income and its Statement of cash flow dealt
with by the report are in agreement with the books of account & returns;

(d) the expenditure incurred was for the purposes of the Company's business.
4W
om

E
Ac^ C^ a
Ck ittagong, 07 May 201 1 CHARTERED ACCOUNTANTS

19
 STATEMENT OF FINANCIAL POSITION
As at 31 December 201 0

2010 2009

ASSETS & PROPERTIES Notes Taka Taka

NON CURRENT ASSETS & PROPERTIES 209,241,877 201,411,285

Property, Plant & Equipment 4 122,804,177 124,056,385

Investments 5 86,437,700 77,354,900

CURRENT ASSETS & PROPERTIES 539,012,009 493,432,361

Inventories 6 138,466,161 99,531,478

Trade Receivables 7 1,247,194 1,343,253

Advances, Deposits and Prepayments 8 198,091,655 150,373,949

Due from Aramit Cement Limited 9 90,024,347 88,173,280

Due from Aramit Thai Aluminium Limited 10 51,696,621 45,662,663 jW

Other Receivables 11 8,954,375 9,285,780

Cash and Bank Balances 12 50,531,656 99,061,958

TOTAL ASSETS & PROPERTIES TAKA 748,253,886 694,843,646

SHAREHOLDERS' EQUITY & LIABILITIES

SHAREHOLDERS' EQUITY 447,633,348 393,601,979

Share Capital 13 60,000,000 40,000,000

Reserves 14 330,488,028 290,488,028

Dividend Equalisation Fund 50,000,000 50,000,000

Unappropriated Profit 7,145,320 13,113,951

NON CURRENT LIABILITIES 21,642,880 15,536,454

Deferred Income Tax 2.13.1 4,620,636 1,465,445

Provision for Employees' Retiral Gratuity 15 17,022,244 14,071,009

CURRENT LIABILITIES & PROVISIONS 278,977,658 ..285,705,213

Creditors and Accruals 16 242,142,792 236,112,358

Provision for Taxation 17 10,890,650 21,796,294

Dividend Payable (Unclaimed) 27.5 1,944,216 1,796,561

Proposed Dividend 24,000,000 26,000,000

TAKA 748,253,886 694,843,646

NET ASSETS VALUE PER SHARE 31 74.61 98.40
. .....
— -------- .

CONTINGENT LIABILITIES & COMMITMENTS 18

These financial statements should be read in conlunction with the annexed notes
and were approved by the Board of Directors on 30 April 201 1
and were signed on its behalf by :

Lc^-^ 6V
COMPANY SECRETARY DIRECTOR MA^IA6fNG DIRECTOR
dM

Signed in terms of our separate report of even date annexed

Chittagong, 07 May 201 1 CHARTERED ACCOUNTANTS

20


STATEMENT OF COMPREHENSIVE INCOME

for the year ended 31 December 201 0
2010 2009

Notes Taka Taka

Net Turnover 19.1 & 20-6 398,777,418 457,099,529

Cost of Goods sold 20 (313,108,626) (334,094,934)

Gross profit 85,668,792 123,004,595

Operating expenses

2 1.1
General and administration (36,876,210) (31,882,274)

2 1.2
Selling and distribution (9,007,547) (8,578,561)
(45,883,757) (40,460,835)
Trading profit 39,785,035 82,543,760
Financial expenses (182,794) (58,013)
Profit before other income 39,602,241 82,485,747

Other income - operating 22.1 35,766,773 28,027,732
0 It
Gross operating profit 75,369,014 110,513,479
Contribution @ 5% of operating profit to

Workers' Profit Participation & Welfare Funds (3,768,451) (5,525,674)

Net Operating Profit 71,600,563 104,987,805

2Non operating
2.2 In-come / (loss) 5,285,998 4,461,424

Profit before income tax 76,886,561 109,449,229

Provision for income tax

Current 17.1 (15,700,000) (26,400,000)

Deferred (3,155,192) (260,948)
(18,855,192) (26,660,948)
Profit after income tax 58,031,369 82,788,281
Unappropriated profit, 6rougkt forward 13,113,951 11,325,670
Profit available for appropriation Taka 71,145,320 94,113,951
Appropriations :

Final dividend proposed

Cask dividend @40% (2009 @ 15%)
24,000,000 6,000,000
117:11 Stock dividend Nil% (2009 @50%) 20,000,000

Transferred to general reserve 40,000,000 45,000,000
Transferred to dividend equaliscition fund 10,000,000

64,000,000 81,000,000

Unappropriated profit, carried forward 7,145,320 13,113,951

Taka 71,145,320 94,113,951

Earning per share (Basic) Ell 9.67 20.70

Earning per share (Adjusted) 9.67 13.80

These financial statements should be read in conjunction with the annexed notes

and were approved by the Board of Directors on 30 April 201 1

and were signed on its behalf by

Lc^^_ ^A w ,
COMPANY SECRETARY DIRECTOR TOR

Signed in terrns of our separate report of even date annexed

Chittagong, 07May 2011 CHARTERED ACCOUNTANTS

21
 STATEMENT OF CASH FLOW
for the year ended 31 December 201 0

2010 2009

Notes Taka Taka

CASH FLOW FROM OPERATING ACTIVITIES

Collections from turnover and other income 7.1, 11, 19.1 & 22.1 403,012,628 459,291,855

Payment for cost and other expenses 4.3, 6, 8.1,15, 16.1, 20, 21.1 & 21.2 (427,716,939) (408,425,31 9)

Income tax paid 17.2 (26,605,644) (24,230,434)

Cash inflow/ (outflow) from operating activities (51,309,955) 26,636,102

CASH FLOW FROM INVESTING ACTIVITIES 1P

Capital expenditure 4.1 (11,602,521) (105,207,838)

Proceeds from Sale of Fixed Assets 4.4 4,465,000

Investments 5.1 (9,082,800) (7,500,000)

Dividend received 22.2 5,243,318 184

Interest received 22.1 31,953,063 24,681,590

Cash inflow/ (outflow) from investing activities 16,511,060 (83,561,064)

CASH FLOW FROM FINANCING ACTIVITIES

Dividend paid 27 (5,846,382) (19,657,330)

Due from Aramit Cement Limited 9 (1,851,067) 14,140,681

Due from Aramit Thai Aluminium Limited 10 (6,033,958) (904,633)

Cash (outflow) from financing activities (13,731,407) (6,421,282)

Net (decrease) in cash & cash equivalents TAKA (48,530,302) (63,346,244)

Cash and cash equivalents at the beginning of the year 12 99,061,958 1 62,408,202 Ift

Cash and cash equivalents at the end of the year 12 50,531,656 99,061,958

Operating Cash Inflow/ (Outflow) per share 32 (8.55) 6.66

These financial statements should be read in conjunction with the annexed notes
AUDITORS' REPORT TO THE SHAREHOLDERS
See Annexed Report

Lc^- GV,
COMPANY SECRETARY DIRECTOR M4ZNE
GD1RECTOR

22


RECONCILIATION OF CASH rLOW FROM OPERATING ACTIVITIES

for the year ended 31 December 2010 )Ain 2009
Taka Taka
Net income before tax 76,886,561 109,449,229
Add: Non - cash expenditures
Depreciation 12,854,729 2,480,866
Employees' retiral gratuity 2,993,915 611,190
15,848,644 3,092,056
Increase in current liabilities
Creditors and accruals 6,030,434 6,804,358
Less: Income for separate considered
Interest on FDR, STID & iinter co. current ci/c (31,953,063) (24,681,590)
Write back of unclaimed dividend (5,963) (315,155)
Non operating income (5,285,998) (4,461,424)
(37,245,024) (29,458,169)
Taxes paid
Income-tax paid (26,605,644) (24,230,434)
A (increase) / Decrease in current assets
Stocks (38,934,683) (15,742,341)
Book debts 96,059 1,345,948
Advances, deposits and prepayments (47,717,706) (22,439,936)
Other receivables 331,405 (2,184,609)
(86,224,925) (39,020,938)
Net cash inflow/(outflow) from operating activities (51,309,954) 26,636,102

STATEMENT OF CHANGES IN EQUITY for the year ended 31 December 2010

Amount in Taka
Share Capital General Dividend Unappropriated Total
Particulars Capital Reserve Reserve Equalisation Fund Profit Equity
Balance as on I January 2009 40,000,000 20,212,562 225,275,466 40,000,000 11,325,670 336,813,698
Changes during the year 2009 :
Net profit (after tax) transferred
from Income Statement 45,000,000 10,000,000 27,788,281 82,788,281
Me
Proposed final dividend
Cash dividend (6,000,000) (6,000,000)
Stock dividend — (20,000,000) (20,000,000)
Total changes in 2009 — — 45,000,000 10,000,000 1,788,281 56,788,281
Balance cis on 1 January 2010 40,000,000 20,212,562 270,275,466 50,000,000 13,113,951 393,601,979
Changes during the year 2010 20,000,000 — — — — 20,000,000
Net profit (after tax) transferred
from Income Statement 40,000,000 18,031,369 58,031,369
Proposed final dividend
Cash dividend (24,000,000) (24,000,000)
Total changes in 2010 20,000,000 — 40,000X0 — (5,968,631) 54,031,369 E
am
Balance as on 31 December 2010 60,000,000 20,212,562 310,275,466 50,000,000 7,145,320 447,633,348 M11111

These financial statements should be read in conjunction with the annexed notes 11411111

om

AUDITORS' REPORT TO THE SHAREHOLDERS

--- --- E
See Annexed Report
a

COMPANY SECRETARY DIRECTOR MANAGING DIRECTOR

23
 NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 201 0

I THE COMPANY & IT'S OPERATIONS

The Company was incorporated in Bangladesh on 22 July 1972 as a Public Company Limited by Shares and is listed on
both the bourses of Bangladesh. The principal activities of the Company are Manufacturing & Marketing of the Asbestos
Cement Products.

2 SUMMARY OF SIGNIFICANT ACCOUNTING AND VALUATION POLICIES

2.1 Basis of preparation and presentation of the financial statements

The financial statements have been prepared and the disclosures of information made in accordance with the requirements of
the Companies Act 1 994, the Securities & Exchange Rules 1987 and International Accounting Standards (IASs) adopted by
the Institute of Chartered Accountants of Bangladesh (ICAB), as Bangladesh Accounting Standard (BAS) & Bangladesh
Financial Reporting Standard (BFRS). The Board of Directors are responsible for preparing and presenting the financial
statement including adequate disclosures, who approved and authorizes for issue of these financial statements. The Statement
of Financial Position and Statement of Comprehensive income have been prepared according to RAS I Presentation of
Financial Statements based on accrual basis of accounting following going concern assumptions and Statement of Cash Flow
01
according to RAS 7 "Cash Flow Statement".

2.2 Accounting convention and assumption

The financial statements are prepared under the historical cost convention except items of plant & machinery which was
revalued on I July 1986.

2.3 Principal accounting policies

The specific accounting policies have been selected and applied by the Company's management for significant transactions
and events that have a material effect within the framework for the Preparation and Presentation of Financial Statements.
Financial Statements kave been prepared and presented in compliance with RAS I "Presentation of Financial Statements". The
previous years' figures were prepared according to the same accounting principles. Compared to the previous year, there were
no significant ckanges in the accounting and valuation policies affecting the financial position and performance of the
company. However, changes made to the presentation are explained in the note for each respective item.

2.4 Applications of Standards

The following BASs are applied to the financial statements for the year under review:
of
RAS 1 Presentation Financial Statements
F- —^
RAS 2 Inventories
---------- L--aa
BAS 7 Cash Flow Statement

BAS 8 Accounting policies, changes in accounting estimates and errors

RAS 10 Events after the -- Balance

--------- - Sheet date

RAS 12 Income Taxes

RAS 16 Property, Plant & Equipment

............ .............................. ...................
RAS 17 Leases
-- - -------------- --- -- - -------------------
RAS 18 Revenue
-------- --- - --- --------------------
RAS 19 Employee benefits

RAS 24 Related Party Disclosures

BAS 26 Accounting and Reporting by Retirement Benefit Plans

. ...............
4E BAS 33 Earning Per Share

BAS 34 Interim Financial Reporting

RAS 37 Provisions, Contingent Liabilities and Contingent Assets

16
a

24
2.5 Property, Plant and Equipment
Property, Plant and Equipment are accounted for according to BAS 16 Property, Plant and Equipment at historical cost less
curnulative depreciation and the capital work-in-progress (when arises) is stated at cost. Both tangible and intangible assets are
depreciated/ amortized according to the straight-line depreciation method.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds
and the carrying amount of the asset and is recognized as non-operating income and reflected in the Statement of
Comprehensive Income - note 22.2.
2.6 Depreciation of the Non Current Assets
Consistently, depreciation is provided on straight line method at the annual rate(s) shown below whereby the cost or valuation
less estimated salvage value of an asset is written off over its anticipated service life except that long-term leasehold land is
amortized annually in such a manner so that by the terminal period the lease value is fully amortized.
Rate (%)
Category of Assets
Long leasehold land
Building on long-term leasehold land 2.5-5
10
Plant & machinery

Transportation equipment 20
10-15
Equipment and fittings
20 (till 2006 : 15)
Computer

Furniture & fixtures 10

Depreciation is charged on the assets acquired during first half of the accounting year. No depreciation is charged on the
assets acquired during the second half of the accounting year No depreciation is charged on assets deleted during the year.

2.7 Valuation of Inventories

Inventories are stated at the lower of cost or net estimated realizable value in compliance with the requirements of para 21 and
25 of BAS 2.
Category of Inventories Basis of valuation

Stores and spares Moving average (Weighted) cost.

(including indirect materials and resale products)
Inventories -in-trade
Raw materials cost Moving average (Weighted) cost.
Work- i n-prog ress Average cost of materials and
appropriate manufacturing
expenses excluding in respect
of finishing section.
Finished products At lower of cost or net estimated realizable value,
Stores and rnaterials-in-transit Cost value i.e. cost so far, incurred.
2.7.1 Inventories write off/ down
it includes the cost written off or written down the value of redundant / damaged or obsolete inventories, which are
dumped and / or old inventories. No provisions is, however, considered for 'slow moving' items as these are considered
to be not material and capable of being used and / or disposed off at least at their carrying book value.

2.8 Trade Receivables

on a review of all
Trade Receivables are carried at original invoice amount less an estimate made for doubtful debts based
outstanding arnounts at the period end.

2.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, cash cit banks, term deposits, government treasury bill which are available for
used by the Company without any restriction. There is an insignificant risk of change in value of the some.
00
em
2.10 Foreign currency translation
Foreign currency transaction are recorded at the applicable rates of exchange ruling at the transactions date in accordance
with BAS 2 1 the effect of changes in Foreign Exchange Rates. Foreign currency transactions are translated at the exchange rate
ruling on the date of transaction.

61
 2.11 Creditors and accrued expenses

2.1 1.1 Other payables

Liabilities are recorded at the amount payable for settlement in respect of goods and services received by the
Company.

2.11.2 Provisions
The preparation of financial statements in conformity with International Accounting Standards BAS 37 Provisions,
Contingent Liabilities and Contingent Assets requires management to make estimates and assumptions that affect the
reported amounts of revenues and expenses, assets and liabilities during and at the date of financial statements.

In accordance with the guidelines as prescribed by BAS 37 provisions were recognized in the following situations

• When the company has a present obligation as a result of post event;

• When it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation; and

- Reliable estimates can be made of the amount of the obligation.

We have shown the provisions in the Balance Sheet at an appropriate level with regard to an adequate provisions for
risk and uncertainties. An amount recorded as a provision represented the best estimate of the probable expenditure
required to fulfill the current obligation on the Statement of Financial Position date.

Othet provisions are valued in accordance with BAS 37 Provisions, Contingent Liabilities and Contingent Assets and, if
required, in accordance with BAS 19 Employee Benefits. Other provisions comprise all recognizable risks from
uncertain liabilities and anticipated losses from pending transactions.

2,12 Employee Benefits

2.12.1 Employees' retirement gratuity fund

The company operates an unfunded gratuity scheme. In terms of the scheme on completion of a minimum 5 (five)
years of uninterrupted service with the company, all permanent employees other than for Managing Director were
entitled to gratuity equivalent to one month basic pay for each completed year or ma l or part of year of their respective
services.

2.12.2 Staff provident fund

The company, through the trustees has been maintaining a recognized Contributory Provident Fund for all eligible
permanent employees.

2.12.3 Workers profit participation & welfare fund

Provision for Workers Profit Participation & Welfare Fund has been made @ 5% of gross operating profit as per
provision of the Bangladesh lakour law 2006 and payable to workers as defined in the law.

2.1 3 Taxation
ME
Provision is made at the effective rate of 24.75%, considering 10% as tax rebate of running rate of 27.50% of tax, applied on

^estimated' taxable profit as a "Publicly Traded Company".

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Income
Statement because it excludes items of income or expenses that are taxable or deductible in other years and it further excludes
that are never taxable or deductible, The Company's liability for current tax is calculated using tax rates that have been enacted
or substantively enacted by the Statement of Financial Position date. The income tax assessment up to the assessment year
2010-201 1 has been completed and agreed upon.

2.1 3.1 Deferred income tax

Provision is made at the ruling income tax rate applied on the amount of timing difference between accounting and
fiscal written down value of Non Current Assets.

2.14 Contingent liabilities and assets

Contingent liabilities are current or possible obligations, arising from past events and whose existence is due to the occurrence
or non occurrence of one or more uncertain future events which are not within the control of the Company. In accordance with
BAS 37 Provision, Contingent Liabilities and Contingent Assets they are disclosed in the notes to the financial statements.
16
a

26
 2.15 Revenue recognition
In compliance with the requirements of BAS 18 Revenue, revenue is recognized only when;
a The products are invoiced and dispatched to the customers;
b Interest income is accrued on a time basis by reference to the principal outstanding at the effective interest rate applicable;
c Dividend income is recognized on cash basis.
2.16 Lease arrangements
The company has to countervailing lease arrangements with Oman Bangladesh Leasing and Finance Ltd. and Fareast Finance
& Investment Ltd. for motor vehicles. The lease is classified as an operating lease as it does not transfer substantial risk and
rewards incident to ownership consistent with the view laid down in BAS 17 Leases.
2.17 Measurement of lease payments
Lease payments (excluding cost for services such as insurance and maintenance) are recognized as expense in the 'income
statement on a straight line basis.

2.18 Bad and doubtful debts

This item takes into account for both actual bad debts written off and movements in the provisions for doubtful debts.

2.19 Cash flow statements

Statements of cash flow is prepared principally in accordance with BAS 7 Statement of Cash Flow and the cash flow from
operating activities have been presented under direct method as required by the Securities and Exchange Rules 1987 and

I considering the provisions that "Enterprises are Encouraged to Report Cash Flow from Operating Activities using the Direct
Method".

2.20 Earning per share

The company calculates earning per share (EPS) in accordance with BAS 33 Earning per share which has been shown on the
face of profit and loss account and the computation of EPS is stated in note 30

2.20.01 Basic earnings

The Company calculates earning for the year attributable to the ordinary shareholders, as there was no preference
dividend, minority interest at- extra ordinary items, the net profit after tax for the year has keen considered as fully
attributable to ordinary shareholders.

2.20.02 Weighted average number of ordinary shares outstanding during the year
Computation of weighted average number of ordinary shares are not required as number of shares outstanding has
not been changed during the year under review.

2.20.03 Basic earning per share

This has beet) calculated by dividing the basic earnings by the number of ordinary shares outstanding during the

Z:j1 year.

2.20.04 Diluted earning per share

No diluted EPS is required to be calculated for the year as there was no scope for dilution during the year under
review.

2.21 Others
0. Expenses allocation and / or apportionment to general & administration and selling & distribution heads: Expenses, which
cannot be directly allocated activity-wise, are apportioned on appropriate basis.
b. Monetary assets or liabilities in terms of foreign currency are translated into local currency at the rate ruling on the
date of Financial Position.

3 CERTAIN ACCOUNTING PRACTICES

3.1 The following expenditures are charged out to revenue as and when incurred:
a. Cost of office supplies, publicity materials and services on procurement.
b. Charges on account of repairs, up-keep, maintenance, experiment and / or development or diversification of 4111

products or business.
C. Insurance payments for an item to the extent of Tk 10,000 - beyond which limit it is allocated to the Prepayments,
as appropriate.
16
a

27


3.2 Applicable accrual in respect of creditors for supplies or services is considered only at the time of the year end closing of the Company's
books of account.

4 PROPERTY, PLANT AND EQUIPMENT

4.1 Operating fixed assets - at cost less depreciation
Cost or Valuation Written down
value - WDV
Category Opening as Addition Deletion Closing as at Depreciation as at as at
on 0 1.0 1. 2010 during the year during the year 31.12.2010 31.12.2010 31.12.2010
2010 2010 Note-2.5) Note-2.5 & 4.2) ( Note-2.5)
Taka Taka Taka Taka Taka Taka
At cost
Freehold land 4,114,455 4,114,455 — 4,114,455
Long-term leci5ehold land 340,030 340,030 136,293 203,737
Building on long-term
Leasehold land 22,510,172 213,848 22,724,020 12,342,892 10,381,128
Plant & machinery 33,164,613 9,048,047 42,212,660 28,663,652 13,549,008
Plant & machinery (Unit -2) 99,245,609 708,394 99,954,003 9,942,400 90,011,603
Transportation equipment 9,714,542 1,063,500 10,778,042 7,823,216 2,954,826
Equipment, fittings & computer 5,219,440 167,500 5,386,940 4,460,024 926,916
Furniture & fixtures 1,873,756 401,232 2,274,988 1,612,637 662,351
At valuation
On I July 1986 - note I 4.2(b)
Plant & machinery 20,108,226 — — 20,108,226 20,108,073 153
2010 Taka 196,290,843 11,602,521 — 207,893,364 85,089,187 122,804,177

2009 Taka 92,047,656 105,207,838 (964,651) 196,290,843 72,234,458 124,056,385

2010 2009
4,2 Depreciation - Note 4.1 Taka Taka
Opening balance 72,234,458 70,710,883
Charged for the year - note 4.3 12,854,729 2,480,866
85,089,187 73,191,749
Withdrawn on Deletion - note 4.4 (957,291)

Tk 85,089,187 72,234,458

4.3 Allocation of Depreciation Charge - note 4.2

ON
Factory Overhead - note 20.4 11,896,203 1,584,186
General and Administration Overhead - note 21.1 579,454 517,608
Selling and Distribution Overhead - note 21.2 379,072 379,072
Tk 12,854,729 2,480,866

4.4 Items Disposed Off / Deleted during the Year

Depreciation Accounting
Cost Amortization Wriff en Sales Profit Capital
(Note 4.2) Down Value Proceeds (Note - 22.2) Gain Mode of
Taka Taka Taka Taka Taka Taka Disposal

Leasehold land
Transportation ecuinment
( p ick up # 086)

2010 Taka

16 2009 Taka 964,651 957,291 7,360 4,465,000 4,457,640 3,988,233
V

28


2010 2009

Taka Taka
5 INVESTMENTS
5.1 Investment in its associated Company and others
a Aramit Cement Limited (ACL) is as follows

22,000,000
220,000 Shares @ Tk 100 each at par fully paid-up in cash 22,000,000

50,000 Shares @ Tk 100 each at par fully paid-up other than cash 5,000,000 5,000,000

270,000 Shares of Tk 100 each at par Tk 27,000,000 27,000,000

The shares are under lien with Janata Bank against credit facilities
allowed to *Aramit Thai Aluminium Limited.
b National Credit and Commerce Bank Limited (NCCBQ is as follows

20,000 Shares @ Tk 10 each of par fully paid-up in cash 200,000 200,000

15,490 Right shares @ Tk 10 each at par 154,900 154,900
58,280 : Right shares of Tk 10 each at par 582,800
135,860 Bonus shares @ Tk 10 each at par

229,630 Tk 937,700 354,900

W I Bonus shares received up to financial year ended as on 31 December 2010

c *Aromit Thai Aluminiurn Limited (ATAL) is as follows

150,000 Shares @ Tk 100 each at par fully paid-up in cash 15,000,000 15,000,000

100,000 Shares @ Tk 100 each at par fully paid-up other than cash 10,000,000 10,000,000

250,000 Shares of Tk 100 each at par Tk 25,000,000 25,000,000

241,300 nos of shares are under lien with NCCBL against LTR facilities
allowed to Aramit Cement Limited.

d Aramit Steel Pipes Limited (ASPQ is as follows :

30,000 Shares @ Tk 100 each at par fully paid-up in cash Tk 3,000,000 3,000,000

e Nahar Metal Industries Limited is as follows

Share money deposit Tk 2,000,000 2,000,000
f Aramit Footwear Limited (AFL) is as follows:

Share money deposit in cash 2,500,000 2,500,000

Share money deposit other than cash 12,500,000 12,500,000

Tk 15,000,000 15,000,000
g Aramit Power Limited (APL) is as follows:

Share money deposit in cash 3,000,000 3,000,000

Share money deposit other than cash 2,000,000 2,000,000

Tk 5,000,000 5,000,000
h Aramit Alu Composite Panels Limited (AACPQ is as follows:
Share money deposit in cash 8,500,000

Taka 86,437,700 77,354,900 me
4)
5.2 Aramit Cement Limited (ACQ ON
The Company was incorporated as a Public Limited Company on 19 August 1995 with authorised capital of 5,000,000
ordinary shares of Tk 100 each, Out of 1,400,000 ordinary shares issued, subscribed and paid up, the Company (AL)
subscribed 270,000 ordinary shores of Tk 100 each total value being Tk 27,000,000 (19.29%). The commercial production
of the Company was commenced on 10 November 1999. Shares of the Company are listed with Chittagong Stock Exchange
(9 September 1998) and Dhaka Stock Exchange (16 September 1998). The Company incurred a cumulative net loss of
Tk 99,155,037 as on 3 1 December 2009 whereas Profit after tax is Tk 60,685,253 for the year ended 31 December
2009 and earning per share is Tk 43.35 for the year then ended.

5.3 Aromit Thai Aluminium Limited (ATAL)

The Company was incorporated on 14 September 2000 as a Public Limited Company by shares. Authorised Share Capital of the
Company is 5,000,000 ordinary shares of Tk 100 each. Out of 600,000 shares subscribed by the entrepreneur, the Company (AL)
subscribed 250,000 (41.67%) shares of Tk 100 each total value being Tk 25,000,000. The commercial production of the Company was
commenced on 19 June 2002. The Company incurred a cumulative net Profit of Tk 1, 159,974 as on 31 December 2009 whereas profit
after tax is Tk 216,736 for the year ended 31 Decembei-2009 and earning per share is Tk 0.36 for the year then ended.
5.4 Aramit Steel Pipes Limited (ASPL)
The Company was incorporated on 16 October 2002 as a Private Limited Company. Authorised share Capital of the Company is
500,000 ordinary shares of Tk 100 each. Out of 100,000 shares subscribed by the entrepreneur, the Company (AL) subscribed 30,000
shares of Tk 100 each total value being Tk 3,000,000. The commercial production of the Company was commenced on 18 August
2003. The Company earned a cumulative net loss of Tk 10,685,101 as on 31 December 2009.
5.5 Aramit Footwear Limited (AFL)
The Company was incorporated on 12 April 2004 as a Public Limited Company. Authorised Share Capital of the Company is
2,500,000 ordinary shares of Tk 100 each of Aramit Limited (AL) subscribed 150,000 Shares of Tk 100 each total value being
Tk 15,000,000. The commercial Production of the Company was commenced on 28 May 2006. The Company incurred
cumulative net loss of Tk 91,017,753 as on 31 December 2009 whereas loss after tax is Tk 48,119,356 for the year ended
31 December 2009.
5.6 Aromit Power Limited (APL)
The Company was incorporated on 28 June 2004 as a Private Limited Company. Authorised Share Capital of the Company is
100,000 ordinary Shares of Tk 100 each. Out of 75,000 Shares subscribed by the entrepreneur, the Company (AL) subscribed 0
50,000 Shares of Tk 100 each total value being Tk 5,000,000 . The commercial Production of the Company was commenced on 25
June 2005. The Company earned a net profit of Tk 10 1 460 during year ended 31 December 2009 and cumulative profit stand
Tk 520,380.

5.7 Nahar Metal Industries Limited

An amount of Tk 2,000,000 was invested with Nahar Metal Industries Limited during 2003. The Company did not commence
operation and we are reported that it is on the verge of Liquidation.
2010 2009
Taka Taka
6 INVENTORIES

29,693,258 Stores & spares - note 6.1 16,344,704
Inventories-in-trade - note 6.2 108,772,903 83,186,774

Taka 138,466,161 99,531,478
6.1 Stores & spares - Note 6
Stores & spares 20,229,911 8,909,890
Indirect materials - note 20.2 8,219,633 6,268,214
Resale products - note 20.3 1,243,714 1,166,600

Tk 29,693,258 16,344,704
6.2 Inventories-in-trade - Note 6
Finished goods - notes 20 & 20.6 34,905,449 21,409,393 on
Raw materials - note 20.1 72,374,852 ,49,653,715
Materials in transit
Raw materials 406,206 12,123,666
Other materials 1,086,396
1,492,602 12,123,666
7 TRADE RECEIVABLES Tk 108,772,903 83,1 86,774
7.1 Secured & considered good
Dealers 148,000 182,000
Unsecured & considered good
Dealers 412,345 618,750
Projects 686,849 542,503
1,099,194 1,161,253
Considered Doubtful
1,099,194 1,161,253
Provision for Bad Debts

Taka 1,247,194 1,343,253
7.2 Thereof, outstanding for a period exceeding six months

Tk 43,796 35,469
30


2010 2009
8 ADVANCES, DEPOSITS AND PREPAYMENTS Taka Taka
8.1 The make-up
Advances 1 97,130,819 149,972,600

Deposits 120,7', 1 18,725

Prepayments 840,1 11 282,624

Taka 198,091,655 1 50,373,949
Advances
For value added tax - VAT 20,294,299 12,901,158
To Associated Com ranies
Aramit Footwear Limited : ^ 66,023,737 53,396,938

Aramit Power Limited 18,104,802 16,264,941 1

Aramit Steel Pipes Limited 47,388,246 40,644,233

Arai-nit Alu Composite Panels Limited 15,634,355
147,151,140 110,306,112

For Supplies 39
18,683,828 15,132,700

For Lease rent 1,438,3E 1,438,389

To Employees 101,802 106,802

For Rental 645,840 968,760

For Purchasing Shares - Note 8.2 7,891,600 7,510,000

To Others 923,921 1,608,679

176,836,520 137,071,442
Tk 197,130,819 149,972,600
Deposits
Security deposits Tk 120,725 118,725
Prepayments
Insurance Tk 840,111 282,624

— Interest @ 10% for the first 3 (three) quarters and @ 9% for the 4th (fourth) quarter charged on the monthly opening product
basis as per decision of Board of Directors

8.2 The Company paid Tk 7,891,600 to Northwest Securities Limited (Brokerage house) up to the year of 201 0 for purchasing shares of
various Companies. The brokerage house has purchased the following shares on behalf of Aramit Limited at tke cut off clate.

No. of Avg. Price Per Market Price (Tk)

i Total Value (Tk)
Particulars
Shares Shares A) on 31.1 2.1 0

Bank Asia Ltd 5,272 216.62 1,142,020 4,428,480

Square Textile Mills Ltd. 2,300 108.38 249,274 541,420

One Bank Ltd 4,255 250.99 1,067,962 4,306,911

Prime Bank Ltd 25,620 33.43 856,476 2,099,559

Premier Bonk Ltd 74,810 2734 2,045,305 3,456,222 J

-
Shahajalal Islami Bank Ltd 54,900 19.42 1,066,158 4,783,986 1
J
2010 2009
A 11^
.idmh^i Taka Taka

8.3 These include dues rea li sable/ad ju stable after one year next
from the balance sheet date Tk 36,321,197 28,019,116
8.4 Advances include aggregate amount due by the managers
and officers of the Company Tk
8.5 The maximum aggregate amount due by the managers and
officers of the Company at the end of any month during the year Tk

8.6 Advances recoverable in cash Tk 131,637,510 110,424,837

8.7 Advances outstanding for a period exceeding six months Tk 2,190,918 2,513,838

9 DUE FROM ARAMIT CEMENT LIMITED (ACL)

Short-term loan extended by AL to ACL based on AL Board's decision of 26 August
2005, it was decided to treat the financing provided to ACL as short-term loan 410
carrying interest @ 5% per annum computed on the monthly opening product from
1 September 2005 to 30 September 201 0 and then 9% per annum from 0 1 October
201 0 as per board decision of 25 October 201 0. - aggregate of
Opening balance 88,173,280 102,313,961
.40,447,240 55,233,449 dN
Fund extended during the year
128,620,520 157,547,410

interest charged during the year 5,415,279 4,729,281

134,035,799 162,276,691
16
Re-paid /adjusted during the year (44,011,452) J (74,103,41 1)
a
Taka 90,024,347 88,1173,280
a


10 DUE FROM ARAMIT THAI ALUMINIUM LIMITED (ATAL)

Short-term loan extended by AL to ATAL based on respective Company's 2010 2009
Board's decision of 31 December 2001, it was decided to treat financing Taka Taka
provided to ATAL as short-term loan carrying interest @ 5% per annurn
on monthly opening product with effect from I September 2005 to
30 September 2010 and then 9% per annurn from 0 1 October 2010
as per Board decision of 25 October 2010 - aggregate of
Opening balance 45,662,663 44,758,030
Fund extended during the year 4,633,815 2,013,938
50,296,478 46,771,988
Interest charged during the year 2813,485 2,287,581
53:109,963 49,059,569
Re-paid/adjusted during the year (1,413,342) (3,396,906)
Taka 51,696,6 2 1 /5,662,663

11 OTHER RECEIVABLES
Accrued interest on fixed deposits with scheduled banks
8,954,375 9,-85,780

Taka 8,954,375 9,285,780

12 CASH AND BANK BALANCES

12.1 The make-up : -0,
a Balances with scheduled banks
Fixed deposits
33,500,000 86,500,000
Short-term deposits
3,193,074 8,529,344
Current accounts
13,657,804 3,942,344

50,350,878 98,971,688
b In hand
180,778 90,270

Taka 50,531,656 99,061,958

12.2 The Company gave Original FDR Certificate of Tk 50 lac as lien in favour of Aramif Steel Pipes Limited to the Standard Bank Lirnited,
Khatungoni Branch, Chittagong and Tk 2 Crore 75 Lac as lien in favor of Aramit Cement Limited and Aramit Footwear Limited
respectively to the State Bank of India, Agrabad Branch, Chittagong.
12.3 The Company did not enjoy any credit facility during the year under audit and their was no credit arrangements with ary banker
or financial institutions.

13 SHARE CAPITAL
13.1 Authorised
10,000,000 Ordinary shares of Tk 10 each Taka 100,000,000 100,000,000
13.2 Issued, subscribed and paid-up
Paid-up in cas h
504 Ordinary shares of Tk 10 each 5,040 5,040
For consideration other than cash
999,496 Ordinary shares of Tk 10 each - note 1 4.2(a) 91994,960 9,994,960
1,000,000 Ordinary shares of Tk 10 each 10,000,000 10,000,000
Issued as b onus shares
3,000,000 Ordinary shares of Tk 10 each 30,000,000 30,000,000
2,000,000 Ordinary shares of Tk 10 each Taka 20,000,000
6,000,000 Ordinary shares of Tk 10 each Taka 60,000,000 40,000,000

32


2010 2009
% Taka % Taka
13.3 Position of shares holding
Javed Steel Mills Limited 19.97 11,980,830 19.97 7,987,220
Asif Steel Limited 14.97 8,980,830 1.4.97 5,987,220
34.94 20,961,660 34.94 13,974,440

- I .
i

6ICB Unit.36
Fund 6.30 3,783,000 2,544,500

Investment Corporation of Bangladesh (ICB) 6.82 4,090,750 7.04 2,814,000

13.12 7,873,750 13.40 5,358,500

Sadkaran Bima Corporation (SBC) 23.76 14,259,090 23.76 9,507,060

Local Institutions / Public 28.18 16,905,500 27.90 11,160,000

65.06 39,038,340 65.06 26,025,560

100.00 60,000,000 100.00 40,000,000

13.4 The distribution schedule showing Ike number of shareholders and their shareholding percentage as on 31 December 2010 is as follows:
2010
No. of No. of % of
Range of the holdings Shareholders Shares Holdings

Cess than 500 Shares 1,807 252,370 4.21

500 Shares to 5,000 Skares 223 291,025 4.85
5,001 Shares to 10,000 Shares 23 161,285 2.69
10,00 1 Shares to 20,000 Shares 16 210,625 3.51
20,001 Shares to 30,000 Shares 4 95,000 1.58
30,001 Shares to 40,000 Shares 2 73,225 1.22
40,001 Shares to 50,000 Shares 1 40,670 0.68
50,001 Shares to 100,000 Shares 3 168,300 2.80
More than 100,000 Shares 8 4,707,500 78.46

Total 2,087 6,000,000 100.00

14 RESERVES
14.1 Following are the composition of and movement in reserves
Capital reserves General
note 14.2 reserve 2010 2009
Taka Taka Taka Taka
Opening balance 20,212,562 270,275,466 290,488,028 245,488,028
Movement during the year - 40,000,000 40,000,000 45,000,000
Closing balance Taka 20,212,562 310,275,466 330,488,028 290,488,028

14.2 Capital reserves

a Balance of excess of assets over liabilities after
issuing fully paid-up shares for consideration
other than cash-out of the surplus arising as
of2l August 1972-note 132 104,336

104,336 E
b Surplus arising out of revaluation of plant &
30,702,116
machinery on I July 1986 30,702,116

Withdrawn on deletion thereafter - note 4.1 (10,593,890) (10,593,890)
E
20,108,226 20,108,226 a
Tk 20,212,562 20,212,562

33


2010 2009

Taka Taka
15 DEFERRED LIABILITY
Employees' retiral gratuity - note 2.12.1

Opening balance 14,071,009 13,463,419

Provided during the year - note 20.4, 21 -1 & 21.2 3,626,454 2,643,563

17,697,463 16,106,982

Paid during the year (632,539) (2,032,373)

Forfeited during the year (42,680) (3,600)

(675,219) (2,035,973)

Taka 17,022,244 14,071,009

16 CREDITORS AND ACCRUALS

16.1 The make-up
For other finance - note 16.2 226,487,796 201,523,653
For supplies & revenue expenses - note 16.3 11,886,545 29,063,031
Workers' profit participation & welfare funds 3,768,4 5 1 5,525,674
Taka 242,142,792 236,112,358

16.2 Creditors for other finance - note 16. 1

Customers credit balances 221,992,108 195,008,262
income tax - employees 38,342 A-4-553
Provident Fund 27,106
Tax payable on
Dividend - note 27.2 937,508 3,160,975
Suppliers 295, 947 256,116
1,233,455 3,417,091
Deposits
Dealers 3,002,000 2,856,000
Suppliers & contractors 190,774 190,774
3,192,774 3,046,774
Employees' union subscription 4,011 7,973
Tk 226,487,796 201,523,653
16.3 Creditors for supplies & revenue expenses-note 16.1
Employees' remuneration 2,243,834 1,384,695
Utility charges 4,352,799 3,951,358
Supplies 5,179,912 23,616,978
Audit & professional fees 110,000 110,000
Tk 11,886,545 29,063,031
17 PROVISION FOR 'CURRENT' TAXATION - NET
17.1 Provisions held
1996 through 2008 160,216,546 160,216,546
2009 26,400,000 26,400,000
2010 15,700,000 —
Tk 202,316,546 186,616,546
dE
17.2 Payments made
1996 through 2008 140,589,818 140,589,818
2009 24,230,434 24,230,434
2010 26,605,644 —
do
Tk 191,425,896 164,820,252
Taka 10,890,650 21,796,294
16
The IT assessment for all the years to 2009 ( IT Assessment Year 2010-2011 ) have been completed and agreed with the Tax Authorities.
a

34


18 CONTINGENT LIABILITIES AND COMMITMENTS

Contingent liabilities 2010 2009

Taka Taka
18.1 Mortgage (first) in favour of NCC Bank Limited, Khatungoni, Chittagong
branch against following credit facility for Aromit Cement Limited

Fixed & floating assets
30,000,000 30,000,000

Finished goods & raw materials 10,000,000 10,000,000

Stores & spares 10,000,000 10,000,000

18.2 Superintendent of Customs, Excise & VAT, Te i gaon Circle- 3, House No. 310, Road No. 2 1, New DOHS, Molhakhali, Dhaka
issued letter ref. Notti No. 4/Musak (13) Aramit Steel/2004/284 (ka) dated 21.04.2004 directing the company to pay Trade
of
VAT at the rate of 1.5% on depot sale and VAT Registration under Trade VAT depot under section 15 of the Value Added
Tax Act 1991. The Company filed writ petition No. 2318 of 2004 before the honorable High Court Division of the Supreme
Court of Bangladesh against the order. The honorable Hiqk Court have issued Rule Nisi against the said letter of VAT authority.

2010 2009
18.3 Corporate Guarantee : Taka Taka
me
(i) Issued in favour of Aramit Footwear Limited for project loan to Janata Bank, 39,169,000 39,169,000
Corporate Branch, Sk. Muiib Road, 27 Agrabad C/A, Chittagong.
(i i) Issued in favour of Aramit Cement Limited for lease finance from Oman 20,000,000 20,000,000
Bangladesh Leasing & Finance Limited, Chittagong to NCCBL, Khaturigonj
Branch, Chittagong.
(iii) In favour of Aramit Cement Limited for revolving financial facilities to State 68,000,000 68,000,000
Bank of India, 1080 Sheikh Muiib Road, Agrobad C/A, Chittagong.
(iv) Issued in favour of Aramit Steel Pipes Limited for revolving financial facilities 20,000,000 20,000,000
to Miclas Financing Limited, Aziz Court (I st Floor), 88/89 Agrabad C/A, Chittagong.
(v) Issued in favour of Arai-nit Cernent Limited for non-funded L/C facilities to 140,000,000 140,000,000
Jamuna Bank Limited, Agrabod C/A Branch, Chittagong.
(vi) Issued in favour of Aramit Cernent Limited for funded LTR facilities to Jamuna 126,000,000 126,000,000
Bank Limited, Agrabod C/A Branch, Chittagong.
(vii) Issued in favour of Aramit Power Limited against term locin facility to State — 35,000,000
Bank of India, Chittagong Branch, Chittagong.
(vi i i) Issued in favour of Aramit Thai Aluminium Limited for funded LTR facilities 50,000,000 50,000,000
to Jamuna Bank Limited, Agrabad C/A Branch, Chittagong.
(ix) issued in favour of Aramit Footwear Limited for working capital loan to State 39,000,000 49,000,000
Bank of Incliaj 080 Sheikh Mujib Road, Agrabad C/A, Chittagong.
(x) Issued in favour of Aramit Thai Alurninium Limited For against L/C cum 60,000,000 —
LTR facilities to State Bank of India, Chittagong Br., Chittagong.
(xi) Issued in favour of Aramit Thai Aluminiurn Limited against Term loan 42,700,000
facility to State Bank of India, Chittagong Branch, Chittagong.

18.4 Lien
Original Share Certificate ofACLwith Janata Bank against credit facilities for ATAL. 27,000,000 27,000,000
Original Share Certificate of ATAL with Premier Bank against Credit facilities for ACL. 24,130,000 24,130,000
Original FDR Certificate with Standard Bank Limited against SOD for ASPL in short term. 5,000,000 5,000,000
Original FDR Certificate with State Bank of India against SOD for ACL in short term. 12,500,000 12,500,000
Original FDR Certificate with State Bank of India against SOD for AFL in short term. 13,265,089 — do

16
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1101


2010 2009

18.5 Obligation under Lease : Taka Taka
Future aggregate minimum lease payments under
Operating lease-

within 1 year 44,334 1,579,208
after I year but within 2 years 44,334
after 2 year but within 3 years
18.6 Commitments
There were neither any commitments nor any claims legal or otherwise,
nor acknowledged as debt, outstanding as of the balance sheet date.

Taka 736,808,423 667,422,542

19 NET TURNOVER
19.1 The make-up

Gross proceeds on turnover 489,601,610 562,863,149
Deductions therefrom

VAT - value added tax 63,521,173 73,129,093

Carriage outward and others 27,303,019 32,634,527

90,824,192 105,763,620

Taka 398,777,418 457,099,529

19.2 Analysis thereof - Note 20.6

Through dealers, agents etc. 370,862,998 425,102,562

To projects 27,914,420 31,996,967

Tk 398,777,418 457,099,529
20 COST OF GOODS SOLD

Raw materials consumed - note 20.1 271,341,902 295,447,099

Indirect materials consumed - note 20.2 8,864,010 8,023,917

Resale products consumed - note 20.3 2,128,631 1,875,203

Factory overhead - note 20.4 44,270,139 26,407,458

Total manufacturing costs 326,604,682 331,753,677

Opening inventory of finished goods - note 20.6 21,409,393 23,750,650

Cost of inventory available for sale 348,014,075 355,504,327

Closing inventory of finished goods - notes 6.2 & 20.6 (34,905,449) (21,409,393)

Taka 313,108,626 334,094,934
20.1 Raw materials consumed - notes 20, 20.7 & 20.8

Opening inventory 49,653,715 41,632,854

Purchases during the year - note 20.5 (i) 294,063,039 303,467,960

Raw materials available for use 343,716,754 345,100,814

Closing inventory - note 6.2 (72,374,852) (49,653,715)

Tk 271,341,902 295,447,099
20.2 Indirect materials consumed - notes 20 & 20.8

Opening inventory 6,268,214 4,197,650

Purchases during the year - note 20.5 (ii) 10,815,429 10,094,481

Indirect materials available for use 17,083,643 14,292,131

Closing inventory - note 6.1 (8,219,633) (6,268,214)

Tk 8,864,010 8,023,917
20.3 Resale products consumed - notes 20 & 20.8

Opening inventory 1,166,600 906,471

Purchases during the year - note 20.5 (iii) 2,205,745 2,135,332

Resale products available for use 3,372,345 3,041,803

E Closing inventory - note 6.1 (1,243,714) (1,166,600

a Tk 2,128,631 1,875,203
16
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36


2010 2009

Taka Taka
20.4 Factory overhead - note 20
Personnel expenses

Salaries, wages and allowances 6,879,491 5,715,339

2,442,559
Casual labour 2,664,720

Overtime 3,327,365 3,722,426

Gratuity - note 15 695,277 602,243

Ex9 ratia / Festival Bonus 910,484 734,848

Provident fund 500,060 448,068

Welfare and benefits 274,038 207,058

15,029,274 14,094,702

Power 6,868,042 5,555,984

Stores - note 20.8 8,862,188 3,550,365

Maintenance 871,713 1,051,757

Depreciation - note 4.3 11,896,203 1,584,186

Factory insurance 609,934 264,924

Entertainment 106,310 285,732

Conveyance 26,475 17,033
I Office supplies, stationery & printing 2,775
-.^
Tk 44,270,139 26,407,458
20.5 Material purchases - cost and direct charges
(i) Direct raw materials - note 20.1

Imported 178,955,294 158,169,293

Indigenous 115,107,745 145,298,667

Tk 294,063,039 303,467,960
(i i) Indirect materials - note 20.2

Imported 7,058,623 6,146,954

Indigenous 3,756,806 3,947,527

Tk 10,815,429 10,094,481
(iii) Resale products - note 20.3

Indigenous 2,205,745 2,135,332

Tk 2,205,745 2,135,332

20.6 Particulars in respect of Inventories and sale of finished goods

Opening Inventory Closing Inventory Net soles

notes 6.2 & 20 notes 6.2 & 20 note 19.2
so
Q ty_M2N
Qty-WN Taka Qty-M'N Taka Taka

A.C. Sheets 182,642 19,743,401 296,093 33,356,868 2,488,298 368,467,531

Mouldings 8,408 984,059 10,396 1,296,576 103,086 18,453,093
A.C. Pipes
43,184 4,226 681,933 1,729 252,005 9,250,756
Resale Products - - - - - 2,606,038

2010 Taka 195,276 21,409,393 308,218 34,905,449 2,634,568 398,777,418

2009 Taka
3,144,970 235,623 23,750,650 195,276 21,409,393 457,099,529 Ma
0
dE
20.7 Analysis of raw materials consumed - notes 20, 20.1 & 20.8
2010 2009

Qty-MT
Qty-MT Taka Taka

Asbestos 2,056 152,208,488 2,197 147,723,770

Cement 17,902 115,107,745 19,972 145,298,667

Pulp 83 4,025,669 55 2,424,662

20,041 271,341,902 22,224 295,447,099

37


20.8 Consumption of imported and indigenous raw materials, indirect materials, resale products, stores & spares,
and percentage of each to the total consumption :
2010 2009
Taka % Taka %

imported 156,234,157 53.65 150,148,434 48.61

Indigenous 134,962,574 46.35
291,196,731 1 00^00
Check
Raw materials - notes 20.1 & 20.7 271,341,902 93.18
Indirect materials - note 20.2 8,864,010 3.05
Resale products - note 20.3 2,128,631 0.73
Stores - note 20.4 8,862,188 3.04
291,196,731 100.00
158,748,150 51.39
308,896,584 100.00
295,447,099 95.64
8,023,917 2.61
1,875,203 0.61
3,550,365 1.14
308,896,584 100.00

21 OPERATING EXPENSES 2010 2009

Taka Toka
21.1 General and administrative expenses
Personnel expenses
Salary and allowances 18,115,746 14,831,309
ft
Ex9ratia / Festival bonus 1,680,096 1,185,708
Gratuity - note 15 2,441,046 1,627,080
Welfare & benefits 1,812,542 1,507,857
Overtime 1,390,493 903,073
Provident fund 932,856 708,345
Casual labour 735,958 976,415
27,108,737 21,739,787
Lease rent 1,600,208 2,749,769
Travelling and conveyance 2,151,090 1,856,817
Repairs and maintenance 878,299 702,437
Guest house expenses 253,836 816,689
AGM expenses 508,660 460,457
Entertainment 345,518 583,452
Municipal and other taxes 646,435 278,795
Depreciation - note 4.3 579,454 517,608
Telephone, Telegram, Telex and fax 310,000 255,000
Advertisement 520,333 353,424
Insurance 201,570 249,650
Holy Haii performing 250,000 235,000
Share office rent 186,000 169,168
Office supplies, stationery and printing 172,953 205,366
Fees and renewals 55,300 89,100
Auditors remuneration
Audit fee 110,000 110,000
Other certification 35,387 37,770
145,387 147,770
Board meeting expenses 27,011 72,750
Directors fee 347,750 225,000
do Subscriptions 170,000 50,000
Other expenses 6,124 36,136
Water supply, gas and electricity 37,466 33,330
Newspapers, books & periodicals 33,043 27,298
Postal charges 25,536 27,471
Legal fees 315,500
Taka 36,876,210 31,882,274

in
a

38


2010 2009

Taka Taka

21.2 Selling and distri6ution expenses

Personnel expenses

Salaries & allowances 2,754,832 3,049,754 i

Exgratici / Festival bonus 324,504 319,187

Casual labour 657,321 273,503
Gratuity - note 15 490, 1 3 1 414,240

Overtime 404,735 251,223

Provident fund 199,269 188,961
Welfare & benefits 148,911 75,012

4,979,703 4,571,880

Advertisement 855,561 1,186,700

Travelling & conveyance 901,913 963,789
Repairs & maintenance 1,214,708 697,094
Depreciation - note 4.3 379,072 379,072

110 Telephone expenses 170,000 165,000

Godown rent 299,280 299,280
Insurance 104,880 118,821
Fntertainment 46,880 153,020
Power 8,896 9,461

Office supplies, stationery & printing 18,748 11,845

Newspaper, books & periodicals 10,878 9,766

Sundry taxes 11,860 7,491

Postage, photocopy & courier 5,168 5,342

Taka 9,007,547 8,578,561

22 OTHER INCOME

22.1 Operating - net

Sale proceeds of scrap 3,195,747 2,418,987

Rental income 612,000 612,000

Write back of unclaimed dividend 5,963 315,155

3,813,710 3,346,142

Interest on

Fixed deposits* 11,728,201 10,235,123

Short-term deposits* 336,706 98,763

12,064,907 10,333,886

Inter Company Transactions 19,888,156 14,347,704

31,953,063 24,681,590

Tk 35,766,773 28,027,732

22.2 Non Operating Income ^ ^ - I i

Gain on sale of fixed assets - note 4.4 4,457,640

Forfeiture of gratuity - note 15 42,680 3,600 E

Dividend Income 5,243,318 184
Tk 5,285,998 4,461,424

Tolka 41,052,771 32,489,156

* Tax deducted at source therefrom Tk 1,282,554 1,090,218

39


3 23 REMUNERATION OF DIRECTORS, MANAGERS, EXECUTIVES & OFFICERS

23.1 Remuneration 2010 2009

Managing Other Total Managing Other Tota I
Director Executives Director Executives
Particulars Taka Taka Taka Taka Taka Taka

Salaries and allowances 3,420,000 14,905,918 18,325,918 3,020,000 11,295,628 14,315,628

Housing
Rental 120,000 434,288 554,288 120,000 388,919 508,919
Utilities 60,000 162,863 222,863 60,000 124,937 184,937
180,000 597,151 777,151 180,000 513,856 693,856

Provident fund 1,159,650 1,159,650 902,998 902,998

Gratuity - provision 2,694,565 2,694,565 810,585 810,585
Medical - 391,683 391,683 - 742,766 742,766
Tk 3,600,000 19,748,967 23,348,967 3,200,000 14,265,833 17,465,833
Number 1 31 32 1 30 31
No

23.2 The Managing Director, ED, GM (Commercial), GM (Accounts), GM (Operation), DGM (Administration & HR) & DGM (Operation)
are each provided with a chauffeur driven car at the Company's cost - primarily for the Company's business.

23.3 Company re-imburses MD, ED, GM (Commercial), GM (Accounts), GM (Operation), DGM (Administration & HR) and
DGM (Operation) residential telephone charges up to a set limit as being incurred for the Company's business.

2010 2009

Taka Taka
23.4 Travelling, motor-running and entertainments

ED, GM, Managers & Officers 742,298 762,032

MD & Directors 1,170,969 1,014,603

Tk 1,913,267 1,776,635

24 CAPACITY & PRODUCTION

Production Percentage

Installed Capacity Expected Capacity (Multiple Shift) Increase / (Decrease)

Products Unit (Per 8 hour shift) per 8 hour shift 2010 2009 % ON

A.C. Sheets
2,919,423
M2
N 1,680,000 1,260,000 2,625,126 (1 O^08)
A.C. Pipes
M2 N 90,000 50,000 40,934
61,420 (33.35)
Mouldings
124,723
M2 N Manual Process Manual Process 103,959 (16.65)
2,770,019 3,105,566

2010 2009

Taka Taka

25 VALUE OF IMPORTS AT C & F BASIS - Note 28

E Asbestos 127,432,1 76 11 4,81 2,775
Pulp 6,455,377 5,266,034
Indirect materials 6,564,825 5,659,519
Tk 1 40,452,378 125,738,328

16
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26 EXPENDITURE INCURRED ON EMPLOYEES'

SALARIES, WAGES AND BENEFITS

Notes 20.4, 2 1.1 & 21.2 2010 2009

Number Number
a Employment throughout the year and in
receipt of remuneration aggregating
Tk 36,000 or more per annum

124 124
b Employment for a part of the year and in
receipt of remuneration aggregating

Tk 3,000 or less per month 13 9
Total 137 133
Does not include casual labours / employees. Remuneration includes all types of benefits paid and provided both in cash
and kinds other than the re-imbursement of expenses incurred mainly for Company's business.

27 DIVIDEND
2010 2009

Note 13.3 for shareholding details Income tax Taka To ka
deduction at
source
Beneficiaries /payees o/zo Final of 2009 Final of 2008

27.1 Paid

a ICB Unit Fund 0% 381,675 1,275,000

b Investment Corporation of Bangladesh (ICB) 200,,. 327,120 1,275,000

708,795 2,550,000

c Saclkaran Bima Corporation (SBC) 20% 1,140,847 3,803,024

d Asif Steel Limited 20% 958,466 2,394,888

e Javed Steel Mills Limited 20% 718,466 3,194,888

f Local Shareholders 100,10

1,125,644 3,125,325

g Other Financial Institutions 0-200/8 410,274 1,770,900

4,353,697 14,289,025

5,062,492 16,839,025
27.2 Tax deducted therefrom

payable to the national exchequer - note 16.2 937,508 3,160,975

6,000,000 20,000,000

27.3 Paid to local shareholders - 2003 - 2009 73,772 179,872

6,073,772 20,179,872

27.4 Unpaid due to non-encashment of dividend warrants (227,390) (522,542)

5,846,382 19,657,330
27.5 Remaining unclaimed on account of Year
2003 — 79,735
2004 78,353 78,353
2005 101,707 101,707
2006 79,051 79,051
2007 935,173 935,173
2008 522,542 522,542
2009 227,390
Taka 1,944,216 1,796,561
E
28 There were no payments in terms of foreign currency other than those effected through usual banking channel on account of imports - note 25. a
16
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41


29 RELATED PARTY TRANSACTIONS

The Company carried out a number of transactions with related parties in the normal course of business on arms length basis.

Closing Balance Closing Balance

- -- - ------ ---------- -------------
Name of the parties Relationship Nature of business as on 2010 as on 2009
No
Taka Taka
------- -------------

I i Aramit Cement Limited Associated Company Purchase of raw materials. 90,024,347 88,173,280
Short-term loan facilities allowed 1
with interest - note 9
Corporate Guarantee - note 18.3 i
-- -1 - : ---------- -------
2 Aramit Thai Aluminium-- —
Limited Associated Compon
----------------------------- - --
y Short-term interest 51,696,621 45,662,663
bearing loan facilities - note 10
Corporate Guarantee - note 18.3

Aramit Steel Pipes Limited Associated Company Corporate Guarantee - note 18.3 47,388,246 40,644,233
Advance - note 8
— ---------------- — -- — ----------- _ - - ------ - ----- — ----- - --- ----------------- -------- –
Aromit Footwear Limited Associated Company Corporate Guarantee - note 18.3 i 66,023,737 53,396,938
Advance - note 8
- -------------------------- — — --------- ---- ------ -

5 Aramit Power Limited Associated Company Corporate Guarantee - note 18.3 18,104,802 16,264,941
Advance - note 8
- ------ – ------- W

2010 2009
Taka Taka
30 THE COMPOSITION OF EARNING PER SHARE (EPS) IS GIVEN BELOW :

Earning per share 9.67 20.70

(a) Earning attributed during the year to the ordinary shareholders Tk 58,031,369 (2009 : Tk 82,788,2811
(6) Number of ordinary shares at the close of business 6,000,000 nos (2009 : 4,000,000 nos)

31 NET ASSETS VALUE PER SHARE

Net assets value per share 74.61 98.40

The cornposition of Net assets value per share is given below

(a) Net assets value during the year Tk 447,633,348 (2009 : Tk 393,601,979)

(b) Number of ordinary shares at the close of business 6,000,000 nos (2009 : 4,000,000 nos)

32 VALUE PER SHARE ON THE BASIS OF CASH FLOW FROM OPERATING ACTIVITIES:
r—low-
Operating cash Inflow/(Outflow) per share (8.55) 6.66
L—AN111111111111
The composition of Opening Cash Inflow/(Outflow) Value per share is given below:

(a) Operating Cash Inflow/(Outflow) during the year Tk 51,309,954 (2009 : Tk 26,636,102)

(b) Number of ordinary shares at the close of business 6,000,000 nos (2009 : 4,000,000 nos)

33 POST BALANCE SHEET EVENTS

No material events had occurred from the Statement of Financial Position date to the date of issue of this Statement of Financial

Position, which could materially affect the values stated in the Statement of Financial Position.

34 GENERAL

34.1 Figures appearing in these accounts have been rounded off to the nearest taka.
now 34.2 Previous year's phrases & amounts have been re-arranged, wherever considered necessary, to conform to the presentation for
the year under review.

34.3 Figure in bracket denotes negative

These financial statements should be read in conjunction with the annexed notes
on and were approved by the Board of Directors on 30 April 201 1
am
and were signed on its behalf by :
E

COMPANY SECRETARY DIR

EC OR M4^^
NING DIRECTOR

42
E

PRoxy rORM

I/ We ..... ..... -------- — --- - ---------- ----- of

being shareholders of Aramit Limited and entitled

to vote hereby appoint Mr./Mrs. / Miss

as my / our proxy to attend and votes for me /us and on my / our behalf at the 40th Annual General

Meeting of the Company to be held on Saturday, 25th June 201 1 and adiournment thereof and the poll that

may be taken in consequence thereof.

As witness my / our hand this day of 2011

Signature of Shareholder(s) Signature of Proxy

Folio / BO ID

No. of Shares ----------------- --

Date

Signature of Witness

(Signature of Shareholder(s) must in accordance with specimen signature with the Company.)

ATTENDANCE
I hereby record my presence at the 40th Annual General Meeting of Aramit Limited at "The Peninsula

Chittagong", Chittagong on Saturday, 25tk June 201 1 at 1 2:00 noon.

Full ^ame of the Shareholder

(in block letter)

Register Folio / BO ID holding of Ordinary

Shares of Aramit Limited.

Signature of Shareholder(s)

E
(SHAREHOLDERS ARE REQUESTED TO HAND OVER THE ATTENDANCE SLIP AT THE ENTRANCE OF THE MEETING HALL) a
16
a

43


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aramit limited
A UNIT OF ARAMIT GROUP

Registered Office & Factory

53 Kolurghat Heavy Industrial Estate,
PO Mohara, Chittagong - 4208, Bangladesh.
Tei (88 031) 2570986, 670473, 671950, 670368
Fax (88 031) 671583 E-mail : altd@aromitgroup.com

Share Office
Red Crescent Concord Tower, 1 5th Floor, Unit - B,
17 Mohakhali Commercial Area, Dhaka - 1 212, Bangladesh.
Tel : (88 02) 9881095, 9887176 Fax : (88 02) 8851551
E-mail -. otal.dhaka@ymaii.com

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